S.A.L. Steel Limited has announced the successful completion of the transfer of equity shares and warrants from Shah Alloys Limited and SAL Care Private Limited to Sree Metaliks Limited. This transaction, which includes the acquisition of 1,07,56,989 equity shares from Shah Alloys Limited and 1,27,02,506 equity shares along with 48,00,000 warrants from SAL Care Private Limited, has resulted in Sree Metaliks Limited gaining sole control over the company and being reclassified as a promoter. Furthermore, the Board of Directors, in their meeting held on December 28, 2025, approved the allotment of 48,00,000 equity shares to Sree Metaliks Limited upon the conversion of warrants. These warrants were originally issued to SAL Care Private Limited on June 29, 2024, at an issue price of ₹25 per warrant, with 75% of the amount payable upon conversion. The conversion price is ₹25 per warrant, including a premium of ₹15, with an amount of ₹18.75 per warrant to be paid upon conversion. The Open Offer initiated by Sree Metaliks Limited, as per SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, was successfully completed on December 11, 2025, with the acquisition of 2,704 additional equity shares. As a consequence of these transactions, the Issued, Subscribed, and Paid-up Equity Share Capital of S.A.L. Steel Limited has increased to ₹109,01,67,000, comprising 10,19,16,700 equity shares of face value ₹10 each. The meeting of the Board of Directors commenced at 13:30 hrs (IST) and concluded at 14:30 hrs (IST) on December 28, 2025.